Data Analysis
The release
Released by the Bureau of Labor Statistics on 12 January 2024 at 8:30 AM EST. The Producer Price Index came in at 0.0% for December 2023, against 0.0% in November 2023. Producer prices are falling, after a rise.
It arrived at the same moment as Core Producer Price Index, so the reaction measured on this page belongs to all of them together.
Measured by Clometrix
Bitcoin's volatility ratio was 1.28x, against 2.08x for a typical PPI release since 2021. Its volume ratio was 1.61x, against a typical 2.30x. Under 1.5x is not a reaction at all: the market barely noticed this release. Both compare the quarter hour of the release with an ordinary quarter hour that same day, where 1.00x is no change: volatility is how far the price ranged, volume how much traded.
How Bitcoin moved
Bitcoin was at $45,752.92 when the figure came out. Fifteen minutes later it was 0.15% lower, and an hour later 0.28% higher. Its high-to-low range in the hour after was 0.71% of its price, against 0.76% in the hour before.
What made it matter
Since 2021, PPI releases in the two weeks before a Fed decision have moved Bitcoin about as much as those at other times: a median volatility ratio of 2.18x across 29, against 2.05x across 41. This one was not within two weeks of a Fed decision. Its own ratio of 1.28x compares with 2.05x for those, so it moved the price less than its circumstances would suggest.
What it means
Bitcoin showed little reaction to the December Producer Price Index release. Volatility reached just 1.28x its normal quarter-hour level, well below the 2.08x median recorded across PPI prints since 2021. Volume rose only 1.61x against a typical 2.30x. Both ratios stayed under the 1.5x threshold that marks any meaningful move.
The price opened the release window at $45,752.92. It fell 0.15 percent in the first fifteen minutes and stood 0.28 percent higher after one hour. The high-to-low range in that hour measured 0.71 percent of spot, almost unchanged from the 0.76 percent range seen in the hour before the data. The release arrived alongside the Core PPI print and 18 days before the next Federal Reserve decision.
Releases outside the two-week window before policy meetings have historically produced a 2.05x median volatility ratio for Bitcoin. This instance fell noticeably short of that benchmark as well. The muted outcome therefore aligned with neither the broader PPI record nor the timing-specific subset. The record supplies no reason to treat every instance as a high-impact catalyst.
About Producer Price Index
The Producer Price Index (PPI) measures the average change over time in the prices domestic producers receive for their output. It is a measure of inflation at the wholesale level that is compiled from thousands of indexes measuring producer prices by industry and product category. The index is published monthly by the U.S. Bureau of Labor Statistics (BLS).
Disclaimer
The data analysis, forecasted results and projections provided herein are based on historical price action and market trends. While every effort has been made to ensure the accuracy of the information, these predictions are speculative and should not be considered a guarantee of future performance. Market conditions can change rapidly, and past performance is not indicative of future results. Trading and investing involve significant risk, and you should conduct your own research and consult with a licensed financial advisor before making any investment decisions. We do not assume any liability for any losses that may result from reliance on this information.
BTC-USDT
Bitcoin
Open
45,950.00Close
42,620.9624h Change
-3329.04 (-7.81%)24h High
46,366.0024h Low
41,500.0024h Volume
88,399 BTCUS Producer Price Index
Bureau of Labor Statistics
12th January, 2024, 8:30AM Timezone: America/New York
Chart Data from Binance
Observations
| Time | Open | High | Low | Close | Change | Amplitude | Volume |
|---|---|---|---|---|---|---|---|
| 1 Minute | |||||||
| Before | 45803.21 | 45803.21 | 45732.68 | 45752.92 | -0.11% | 0.15% | 32 BTC |
| During | 45752.92 | 45852.00 | 45729.15 | 45819.59 | 0.15% | 0.27% | 61 BTC |
| 5 Minutes | |||||||
| Before | 45883.69 | 45944.12 | 45732.68 | 45752.92 | -0.29% | 0.46% | 155 BTC |
| During | 45752.92 | 45852.00 | 45720.00 | 45752.36 | 0.00% | 0.29% | 224 BTC |
| 10 Minutes | |||||||
| Before | 45797.72 | 45944.12 | 45732.68 | 45752.92 | -0.10% | 0.46% | 269 BTC |
| During | 45752.92 | 45852.00 | 45678.97 | 45701.90 | -0.11% | 0.38% | 513 BTC |
| 15 Minutes | |||||||
| Before | 45844.33 | 45944.12 | 45732.68 | 45752.92 | -0.20% | 0.46% | 407 BTC |
| During | 45752.92 | 45852.00 | 45573.44 | 45682.25 | -0.15% | 0.61% | 838 BTC |
| 30 Minutes | |||||||
| Before | 45866.57 | 45944.12 | 45732.68 | 45752.92 | -0.25% | 0.46% | 850 BTC |
| During | 45752.92 | 45852.00 | 45573.44 | 45779.02 | 0.06% | 0.61% | 1,306 BTC |
| 1 Hour | |||||||
| Before | 46014.24 | 46017.03 | 45667.47 | 45752.92 | -0.57% | 0.76% | 1,773 BTC |
| During | 45752.92 | 45899.42 | 45573.44 | 45882.95 | 0.28% | 0.71% | 2,144 BTC |
| 2 Hours | |||||||
| Before | 46221.83 | 46267.00 | 45667.47 | 45752.92 | -1.02% | 1.30% | 3,874 BTC |
| During | 45752.92 | 45904.66 | 44651.10 | 44941.55 | -1.81% | 2.73% | 11,765 BTC |
| 4 Hours | |||||||
| Before | 45624.15 | 46267.00 | 45560.24 | 45752.92 | 0.28% | 1.53% | 7,314 BTC |
| During | 45752.92 | 45904.66 | 43212.00 | 43452.69 | -5.29% | 5.87% | 32,779 BTC |
| 6 Hours | |||||||
| Before | 46012.28 | 46267.00 | 45537.37 | 45752.92 | -0.57% | 1.58% | 11,067 BTC |
| During | 45752.92 | 45904.66 | 43212.00 | 43662.29 | -4.79% | 5.87% | 41,893 BTC |
| 8 Hours | |||||||
| Before | 45950.00 | 46366.00 | 45537.37 | 45624.16 | -0.71% | 1.79% | 10,905 BTC |
| During | 45624.15 | 46267.00 | 43212.00 | 43452.69 | -5.00% | 6.60% | 40,093 BTC |
| 12 Hours | |||||||
| Before | 45950.00 | 46366.00 | 45537.37 | 45752.92 | -0.43% | 1.79% | 18,220 BTC |
| During | 45752.92 | 45904.66 | 41500.00 | 42620.96 | -7.35% | 9.60% | 70,179 BTC |
